Standard Chartered has tagged the Philippines as one of the most favorable countries for foreign investment in Southeast Asia. “With regulations noted as the number-one concern among respondents looking to expand overseas, it could suggest an opportunity for the Philippines to increase foreign investment through greater awareness of the ease of doing business locally,” it said. The study was conducted in November and December. This comes as the government is pushing to amend Republic Act 7042, or the “Foreign Investments Act of 1991,” which Finance Secretary Carlos Dominguez 3rd said was “immediately doable to attract more foreign direct investments and help ensure the long-term recovery of our economy.”The Bangko Sentral ng Pilipinas projects job-generating foreign direct investments (FDI) to pick up to $7.5 billion this year from $6.54 billion in 2020. “It is apparent that businesses are beginning to pay greater attention to overseas growth and investing for the future,” Torry Berntsen, chief executive officer of Standard Chartered in Europe and Americas, was quoted as saying in the statement.

Source: Manila Times March 10, 2021 16:29 UTC